South Korea’s finance minister says country is at ‘turning point’ in relations with Japan


South Korean Finance Minister Choo Kyung-ho attends the G20 Finance Ministers and Central Bank Governors meeting in Nusa Dua on the Indonesian resort island of Bali on July 16, 2022. (Photo by MADE NAGI / POOL / AFP) (Photo by MADE NAGI /POOL/AFP via Getty Images)

Done Nagi | AFP | Getty Images

South Korea’s finance minister said the nation is at a “turning point” in economic relations with Japan.

Speaking to CNBC’s Chery Kang at the Asian Development Bank’s annual meeting in Incheon, South Korean Finance Minister and Deputy Prime Minister Choo Kyung-ho hailed Tokyo’s recent decision to reinstate South Korea. South on a list of preferred business partners.

“I understand that Japan is handling this in accordance with its legislative and administrative procedures,” Choo said, according to a CNBC translation. adding that South Korean officials hope the process will be completed “as soon as possible”.

“We believe unnecessary regulations between the two countries will be removed entirely, and we believe we are now at a turning point for further cooperation between the two economies,” Choo said.

The thaw in bilateral relations between Japan and Korea comes after South Korea announced that its companies would compensate people who were forced to work during Japan’s occupation of Korea from 1910 to 1945 – an attempt by the southern president -Korean Yoon Suk-yeol to improve the strained ties between the two countries. nations.

Earlier this week, the two countries also held their first bilateral meeting of finance ministers in seven years, agreeing to resume regular talks “at an appropriate time”, according to reports of remarks by Choo’s Japanese counterpart, Shunichi. Suzuki, after meeting him.

Choo said recent talks with Suzuki would lead to further economic cooperation between the two US allies.

“The recent bilateral summit paved the way for improvements. We can therefore now look forward to cooperation between the two countries, in the expansion of industrial and technological cooperation, as well as in humanitarian exchange programs for young people,” did he declare. “We believe this will mutually benefit both countries, economically, and also contribute to regional growth,” he said.

Choo added that the bilateral relationship will be “mutually beneficial” for high-tech industries, including semiconductors.

“Particularly in areas where we see the two countries being placed in a ‘win-win’ situation, such as strengthening high-tech industrial sectors – we believe this is why Japan and Korea are actively involved in promoting ‘increased cooperation through ministerial talks and dialogue between government agencies, which we plan to further strengthen,’ he said.

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